Six firms tackle Haidilao hot pot chain owner’s US IPO

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Haidilao hot pot chain IPO
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Kirkland & Ellis, Paul Hastings and Conyers are among the six firms advising on Super Hi International’s USD52.67 million IPO in the US.

Super Hi International, which operates the Haidilao hot pot chain’s international restaurants, sold 2.7 million American depositary shares for USD19.56 apiece, raising USD52.67 million.

Kirkland & Ellis’ team acted as US law counsel for Super Hi, with a team of partners including Mengyu Lu, Ming Kong, Samantha Peng, Ashlee Wu and Brian Ho.

Paul Hastings’ chair of Greater China Raymond Li led partners Chaobo Fan, Steven Hsu and Will Magioncalda to advise underwriters Morgan Stanley Asia and Huatai Securities (USA).

Conyers acted as Cayman Islands law counsel, Drew & Napier acted as Singapore law counsel, Bizlink Lawyers acted as Vietnam law counsel, while Lee Hishammuddin Allen & Gledhill acted as Malaysia law counsel for parties involved in this listing.

Following the US IPO, Super Hi International is now a dual-listed company, as it debuted on the HKEX in December 2022. It was the third-largest Chinese cuisine restaurant brand in the international market in terms of 2022 revenue, a Frost & Sullivan report said.

The Singapore-based company has set up 119 restaurants across 13 countries outside China as of the end of March this year.

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